| Component: (Network and Table) | |
|---|---|
| Network | 002 - Statement - CONSOLIDATED BALANCE SHEETS (http://www.absolutels.com/role/CONSOLIDATEDBALANCESHEETS) |
| Table | Statement [Table] |
| Reporting Entity [Axis] | 0001421538 (http://www.sec.gov/CIK) |
| Statement [Line Items] | Period [Axis] | ||
|---|---|---|---|
2012-08-31 | 2011-08-31 | 2010-08-31 | |
ASSETS | |||
Cash and cash equivalents | 233,050 | 1,917,896 | 3,498,525 |
Accounts receivable | 0 | 1,263,000 | |
Insurance purchase escrow | 0 | 128,750 | |
Receivable under reverse repurchase agreement | 0 | 3,368,593 | |
Investment in life settlement contracts at investment method | 4,334,012 | 0 | |
Prepaid expenses | 15,192 | 45,044 | |
Total current assets | 4,582,254 | 6,723,283 | |
Equipment, net | 66,129 | 90,082 | |
Security deposit | 56,688 | 56,688 | |
Investment in life settlement contracts at fair value | 64,667,124 | 92,708,076 | 12,313,897 |
TOTAL ASSETS | 69,372,195 | 99,578,129 | |
LIABILITIES | |||
Accounts payable and accrued expenses | 441,297 | 44,607 | |
Interest payable | 626,710 | 0 | |
Loans payable | 59,450,000 | 0 | |
Due to provider | 0 | 568,000 | |
Total current liabilities | 60,518,007 | 612,607 | |
Deferred rent | 49,335 | 42,148 | |
Deferred income taxes | 4,243,044 | 21,071,160 | |
TOTAL LIABILITIES | 64,810,386 | 21,725,915 | |
STOCKHOLDERS' EQUITY | |||
Preferred stock ($0.00001 par value; 100,000,000 authorized; of which 60,000 are designated as Series A 12.5% convertible preferred stock; No Series A issued and outstanding ( August 31, 2011 - 41,950 issued and outstanding) of which 25,000 are designated as Series B 12.5% convertible preferred stock; No Series B issued and outstanding ( August 31, 2011 - 8,850 issued and outstanding) | 0 | 0 | |
Common stock ($0.00001 par value; 500,000,000 authorized; 92,544,747 issued and 92,229,599 outstanding) (August 31, 2011 - 85,424,597 issued and outstanding) | 925 | 854 | |
Additional paid in capital | 51,486,890 | 96,773,677 | |
Treasury stock, at cost (315,148 shares of common stock) (August 31, 2011- No shares of common stock) | (44,121) | 0 | |
Retained earnings (accumulated deficit) | (46,881,885) | (18,922,317) | |
Total Stockholders' Equity | 4,561,809 | 77,852,214 | 16,383,343 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 69,372,195 | 99,578,129 | |